Miami Metro Tops New York at 114.2 in 2024 Cost-of-Living Rankings
Updated
Updated · WESH 2 Orlando · Jul 22
Miami Metro Tops New York at 114.2 in 2024 Cost-of-Living Rankings
3 articles · Updated · WESH 2 Orlando · Jul 22
Summary
Miami-Fort Lauderdale-West Palm Beach posted a 114.2 Regional Price Parity in 2024, edging the New York-Newark-Jersey City area's 112.6 in new BEA data.
Housing drove much of the shift, with South Florida home prices and rents climbing sharply over the past several years and lifting the region's overall living costs.
The BEA index rolls up housing, groceries, transportation, health care and other daily expenses against a national average of 100, putting Miami about 14% above average and New York about 13% above.
The ranking compares whole metro areas rather than neighborhood-by-neighborhood costs, meaning parts of Manhattan still remain far pricier than much of South Florida.